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Category: Audits

IRS Begins Audits of Corporate Jet Usage

On February 21, 2024, the Internal Revenue Service (IRS) announced that it plans to conduct “dozens of audits on business aircraft involving personal use” throughout the year. Citing the IRS’ additional funding under the Inflation Reduction Act, the News Release quotes IRS Commissioner Danney Werfel as stating: “With expanded resources, […]


What Are the IRS’ “Listed Transactions?”

Through its rulemaking authority, the Internal Revenue Service (IRS) has identified several types of transactions as “listed transactions.” As the IRS explains, a listed transaction is any transaction that is, “the same as, or substantially similar to, one that the IRS has determined to be a tax avoidance transaction and […]


IRS: Accounting error in your favor?

Learning that the IRS is going to audit you or your business can be incredibly stressful. You may be worried about the time or expense it will take to prepare for the audit or nervous that it will reveal mistakes or misconduct and trigger harsh penalties. However, not all audits […]